The global Laboratory Information Systems (LIS) Market is expected to be worth US$ 1.8 billion by 2021. Sales are expected to increase at a 10.2% CAGR, bringing the market size to US$ 1.9 billion by 2022.
Sales are expected to grow at a healthy 10.2% CAGR over the assessment period, thanks to the aforementioned factors. Between 2022 and 2032, the overall demand for Laboratory Information Systems is expected to grow at a CAGR of 10.2%, totaling around US$ 4.2 million by 2032.
Massive technical improvements in the healthcare sector over time have included automation, big data analytics, and cloud computing. The necessity to balance administrative and caring activities is the most crucial feature of the sector. Thanks to the development of sophisticated laboratory testing technologies, this is now achievable.
Laboratories are the foundational stone for primary healthcare administration. It is the laboratories which are the site for drug development and API formulations. To accelerate the effectiveness of these functions, there is a need to streamline mundane operations such as data collation, assimilation, and record maintenance.
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The need for systematic data documentation to reduce paperwork is primarily driving the laboratory information systems market. Significant adoption has been witnessed since the COVID-19 pandemic’s onset, enabling healthcare providers to concentrate on drug and vaccine development by smoothening data collection procedures.
Key Findings
- Europe & North America will remain lucrative, accounting for 4/5th of the revenue pie
- Cloud-based laboratory information systems to register maximum increase during the forecast period
- Vendors are increasingly capitalizing on developing LIS software for various healthcare verticals
- Hospital-grade laboratory information systems are gaining significant momentum
“Manufacturers are increasing their presence across emerging markets and forging effective distribution networks with regional players. This is helping them expand their outreach and broaden their customer base,” opines the FMI analyst.
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Competitive Intelligence
The global laboratory information systems market is highly fragmented, characterized by the presence of over 50 vendors. Prominent players include: Cerner Corp., Evident, McKesson, Medical Information Technology (MEDITECH), Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical and LabWare.
With regard to product launches, Cerner Corporation launched CommunityWorks Foundations, a tailor-made cloud-based technology platform for rural and critical access hospitals in July 2020. This technology shall prove instrumental in reducing overhead costs and reducing lengthy implementation procedures. The platform enables hospitals to maintain electronic health records, reducing immense amount of paperwork.
Recently, in August 2020, Medical Information Technology (MEDITECH) partnered with TECHNATION Health in Canada. This collaboration is aimed at enhancing the privacy and security framework of healthcare providers across the nation, ensuring better patient data security. The solution involves the provision of cybersecurity and data sovereignty among other objectives.
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Key Segments Covered in the Laboratory Information Systems Industry Analysis
By Components:
- Software
- Hardware
- Services
By Delivery Mode:
- On Premise
- Cloud-Based
By End User:
- Hospitals
- Clinics
- Independent Laboratories
- Others
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